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Subscriber agreement to construct a building for a literary, scientific and military academy in Norwich, VT, 8 October 1818.

Norwich (Vermont) October 8th 1818
We the Subscribers hereby promise and agree to pay on demand the amount (either in whole or in part as may be required) set opposite to our respective names which is to be applied to the erection of a suitable Building on Norwich Plain, to be used as a literary, scientific, and military Academy, on the following conditions. (Viz) -
1st The aforesaid Academy to be conducted under the entire direction and Superintendence of Capt. Alden Partridge (of this town) who is to be at the sole labor and Expense of supplying Instruction, and carrying on the Institution, and who is to receive therefor the [Enrichments?] arising from tuition and otherwise –
2nd Each and every Subscriber hereunto, for each and every hundred dollars by him Subscribed, and actually paid, conformably to the Conditions contained in this agreement, to have the privilege of placing one Student at the aforesaid Academy for the term of three years, which Student shall receive his tuition free of Expense for and during the said term of three years – which tuition (estimated at forty dollars per annum for each Student) shall be considered a full and entire compensation, from the aforesaid Capt. Alden Partridge, to such Subscriber for the amount of his Subscription. It being understood however that every Student thus placed at the Academy shall be of good moral Character – Shall be entered as members of the Institution agreeably to the established Regulations thereof and while members, be subject thereto in like manner as other Students are Subject. – and it being also further understood, that should the aforementioned Building be consumed by fire, or otherwise accidentally or provisionally sustain damage, or be destroyed, or should the Institution through want of support or otherwise, then each Subscriber is to sustain his share of the loss or damage, in proportion to the amount of his subscription, or of such part thereof as may at the time remain unredeemed as specified in the first Clause of this article –
3rd This agreement to be considered as valid, and binding as soon as the sum of Six Thousand five hundred dollars shall be subscribed, provided this amount be subscribed within Six months from the present date –